EnCore Energy expands Alta Mesa project by 5,900 acres

Executive Summary

• EnCore Energy Corp. acquired a 5,900‑acre parcel (Tacubaya) adjacent to its Alta Mesa ISR uranium project, expanding the resource base and feedstock for the central processing plant.
• The acquisition is part of the existing 70/30 joint venture with Boss Energy Ltd.; Tacubaya contains roll‑front uranium mineralization similar to that already being produced at Alta Mesa.
• An aggressive exploration program will commence, starting with a 200‑hole drilling campaign slated for October 2025, using up to four drill rigs.

Key Details

• Land Acquisition: 5,900 acres of private land (Tacubaya) acquired; consists of mineral and surface leases held by private parties.
• Joint Venture Structure: Tacubaya is owned 70 % by EnCore Energy and 30 % by Boss Energy Ltd., mirroring the existing Alta Mesa JV.
• Geology: Uranium occurs as roll‑fronts in multiple stacked sands of the Goliad Formation (lower C, middle C, B, and A sands), consistent with mineralization at the core Alta Mesa project.
• Historical Drilling: Chevron Minerals conducted drilling in the late 1970s that identified several uranium roll fronts at various depths across these sand units.
• Exploration Plan: Initial 200‑hole program targeting two key areas; two drill rigs to start in October 2025, with an additional two rigs added as the program progresses.
• Project Capacity: Alta Mesa ISR central processing plant (CPP) has a licensed capacity of 1.5 M lbs U/yr plus 0.5 M lbs drying capacity; historically produced ~5 M lbs U from 2005‑2013.
• Strategic Rationale: Expansion provides additional feedstock and extends the life of the ISR operation, supporting continued production growth beyond 2025.

Notable Quotes

“On behalf of the board, I extend our congratulations to our land department… This strategic land acquisition significantly expands the Alta Mesa uranium project.” – William M. Sheriff, Executive Chairman, EnCore Energy

Materiality Assessment: Material – Positive (significant expansion of resource base and future production potential).